<Provisional translation>

For Immediate Release

May 30, 2013

REIT Issuer
Hankyu REIT, Inc. (Securities Code: 8977)
19-19 Chaya-machi, Kita-ku, Osaka
Yoshiaki Shiraki, Executive Director
Asset Management Company
Hankyu REIT Asset Management, Inc.
Yoshiaki Shiraki, President & Representative Director
Contact:
Yoshihiro Nakano
General Manager, Corporate Planning Dept.
Email: hankyureit-ir@hankyu-rt.jp

Notice Concerning the Issuance of New Investment Units and Secondary Offering of Investment Units
Hankyu REIT, Inc. (hereafter “Hankyu REIT”) announces resolutions on issuance of new investment units and secondaryoffering for investment units was made at its Board of Directors’ Meeting held on May 30, 2013. Details are described
below.

1. Issuance of New Investment Units through Public Offering (primary offering)(1) Number of units to be offered:
18,000 units(2) Issue price (offer price):
To be determined.
The issue price (offer price) will be provisionally determined by multiplying avalue in the range 0.90 to 1.00 with the closing price for ordinary trading of aninvestment unit of Hankyu REIT on the Tokyo Stock Exchange on any of thedays during the period June 11, 2013 (Tue.) to June 14, 2013 (Fri.) (hereinafter
the “Issue Price Determination Date”) (or if closing price is not available forsuch date, the closing price on the immediately preceding day) based on themethod provided in Article 25 of the regulations in regard to the underwriting
etc. of securities as provided by the Japan Securities Dealers Association. The
issue price will take into account demand for the offering (any fraction of one
yen shall be rounded down to the nearest yen).
(3) Amount to be paid in (purchase price amount):
To be determined.
To be decided at the Board of Directors’ Meeting to be held on the Issue Price
Determination Date based on the method provided in Article 25 of theregulations in regard to the underwriting etc. of securities as provided by theJapan Securities Dealers Association.
(4) Total amount to be paid in (purchase price):
To be determined.
(5) Method of offer:
Investment units shall be offered through a public offering, and all investment
units shall be underwritten and purchased by an underwriting syndicate ofwhich Nomura Securities Co., Ltd., and Mizuho Securities Co., Ltd., are thejoint lead managers. In addition to the aforementioned joint lead managers, theother underwriters are: SMBC Nikko Securities Inc., Mitsubishi UFJ Morgan
Disclaimer:This document is a press release to make a public announcement of the Issuance of New Investment Units and Secondary Offeringof Investment Units, and has not been prepared as a solicitation for investment. Hankyu REIT cautions investors to ensure thatthey refer to the prospectus for notification of the issuance of new investment units and secondary offering of investment units aswell as amendments thereto prepared by Hankyu REIT, if any, before undertaking investments and investments be made at theirown discretion and responsibility.

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Stanley Securities Co., Ltd., and Daiwa Securities Co., Ltd. (together with thejoint lead managers, hereinafter collectively called the “Underwriters”).
(6) Details of underwriting contract:
Hankyu REIT shall not pay an underwriting fee. Underwriting fees applicable tothe underwriters shall be the difference between the total amount of the issue
price (offer price) and the total amount to be paid in (purchase price), whichshall be paid to Hankyu REIT by the Underwriters.
(7) Offering unit:
One unit or more in multiples of one unit.
(8) Offering period:
From the next business day of the Issue Price Determination Date to twobusiness days following the Issue Price Determination Date.
(9) Payment date:
A date between June 18, 2013 (Thu.) and June 21, 2013 (Fri.). However, it
shall be five business days after the Issue Price Determination Date.
(10) Delivery date:
A date between June 19, 2013 (Wed.) and June 24, 2013 (Mon.). However, it
shall be the next business day of the Payment Date.
(11) The issue price (offer price), amount to be paid in (purchase price), and other necessary items concerning issue of
new investment units shall be determined at a future Board of Director’s Meeting.
(12) The above items shall be subject to requisite completion of filing of the securities registration statement inaccordance with the Financial Instruments and Exchange Act.
2. Secondary Offering of Investment Units (Over-allotment) (See <Reference> 1. below.)(1) Seller and number of investment units to be offered:
Nomura Securities Co., Ltd.
1,800 units(2) Offer price:(3) Total offer price:(4) Offering method:

The above number represents the minimum number of investment units to beoffered. Depending on the actual demand, either the number may be reducedor the secondary offering through over-allotment may be cancelled. The
number of investment units to be offered shall be determined after considering
the demand for primary offering on the Issue Price Determination Date.
To be determined.
The offer price shall be determined at the Board of Directors’ Meeting to beheld on the Issue Price Determination Date. The offer price shall be the sameas the issue price (offer price) in the primary offering.
To be determined.

In consideration of the demand of primary offering, Nomura Securities Co., Ltd.
shall conduct secondary offering up to 1,800 units that it will borrow fromunitholders of Hankyu REIT.
(5) Application unit:
Minimum 1 unit, and in multiples of one unit.
(6) Offering period:
The same period as the offering period for the primary offering.
(7) Delivery date:
The next business day after the payment date for the primary offering.
(8) Offer price and other necessary items concerning secondary offering investment units shall be determined at the
future Board of Directors’ Meeting.
(9) The above items shall be subject to requisite completion of filing of the securities registration statement inaccordance with the Financial Instruments and Exchange Act.
3. Issuance of New Investment Units through Third-Party Allotment (See <Reference> 1. below.)(1) Number of units to be offered:
1,800 units(2) Amount to be paid in (purchase price):
To be determined.
To be decided at the Board of Directors’ Meeting held on the Issue Price
Determination Date. The amount to be paid in (purchase price) shall be thesame as the amount to be paid in (purchase price) for the primary offering.
(3) Total amount to be paid in (purchase price):
To be determined.
(4) Allottee and number of units allocated:
Disclaimer:This document is a press release to make a public announcement of the Issuance of New Investment Units and Secondary Offeringof Investment Units, and has not been prepared as a solicitation for investment. Hankyu REIT cautions investors to ensure thatthey refer to the prospectus for notification of the issuance of new investment units and secondary offering of investment units aswell as amendments thereto prepared by Hankyu REIT, if any, before undertaking investments and investments be made at theirown discretion and responsibility.

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Nomura Securities Co., Ltd.
1,800 units(5) Subscription unit:
Minimum 1 unit, and in multiples of one unit.
(6) Subscription period (Subscription Date):
July 9, 2013 (Tue.)(7) Payment date:July 10, 2013 (Wed.)(8) If there is no subscription for investment units to be issued by the end of the above mentioned “(6) Subscription
Period (Subscription Date),” issue of such investment units shall be cancelled.
(9) The amount to be paid in (purchase price), and other necessary items concerning issue of new investment units
shall be determined at future Board of Directors’ Meeting(10) The above items shall be subject to requisite completion of filing of the securities registration statement inaccordance with the Financial Instruments and Exchange Act.
<Reference>
1. Notes Concerning Secondary Offering through Over-Allotment(1) Secondary offering through over-allotment is determined by considering the demand for the primary offering.
Nomura Securities Co., Ltd. will offer up to 1,800 units of the investment units it borrowed from unitholders of Hankyu
REIT at the same time of primary offering. Although the number of investment units to be offered throughover-allotment is expected to be 1,800 units, the number indicates the maximum number of investment units offeredthrough over-allotment. This number may be reduced depending on the demand, or secondary offering throughover-allotment itself may be cancelled.
For the purpose of obtaining the investment units necessary to return those Nomura Securities borrowed from theaforementioned unitholders of Hankyu REIT in connection with the secondary offering through over-allotment(hereinafter the “Borrowed Investment Units”), Hankyu REIT has made resolution at its Board of Directors’ Meeting
held on May 30, 2013 (Thu.), to carry out an issuance of investment units through third-party allotment of 1,800 units of
new investment units for which Nomura Securities is the allottee (hereinafter “Third-Party Allotment”) with the payment
date for that issuance to be July 10, 2013 (Wed.).
During the period from the day after the expiration day of the offering period of the primary offering and over-allotment
to July 3, 2013 (Wed.) (hereinafter “Syndicate Cover Transaction Period”), Nomura Securities Co., Ltd. may perform atransaction on the Tokyo Stock Exchange to purchase a number of investment units that does not exceed the
maximum number of investment units of the over-allotment (herein after “Syndicate Cover Transaction”) for the
purpose of returning the Borrowed Investment Units. All the investment units that Nomura Securities Co., Ltd. obtains
by the Syndicate Cover Transaction are used to return the Borrowed Investment Units. Nomura Securities Co., Ltd.
may decide not to execute the Syndicate Cover Transaction at all during the Syndicate Cover Transaction period, or
may terminate the Syndicate Cover Transaction with the actual number of units transacted less than the number ofinvestment units in the secondary offering of the over-allotment.
In addition, Nomura Securities Co., Ltd. may engage in stabilizing transactions in connection to the primary offeringand secondary offering of over-allotment, and use all or part of the investment units obtained through those stabilizing
transactions to return the Borrowed Investment Units.
The number of investment units that Nomura Securities Co., Ltd. plans to obtain by the Third-Party Allotment is thedifference derived by deducting the number of units that were obtained by stabilizing transactions or the Syndicate
Cover Transactions for the purpose of returning Borrowed Investment Units from the number of units of secondaryoffering of the over-allotment. For this reason, Nomura Securities Co., Ltd. may not subscribe for all or part of thenumber of units issued by Third-Party Allotment and the result of this forfeit of rights would either be a reduction of the
final number of issued units by Third-Party Allotment or the issuance itself would be cancelled.
(2) The transactions set forth in (1) shall be conducted by Nomura Securities Co., Ltd. to engage offer joint consultation
with Mizuho Securities Co., Ltd.
2. Number of Total Investment Units Issued as a Result of This Issuance of New Investment Units
Investment units currently issued
85,400 units
Increase in investment units by primary offering
18,000 units
Disclaimer:This document is a press release to make a public announcement of the Issuance of New Investment Units and Secondary Offeringof Investment Units, and has not been prepared as a solicitation for investment. Hankyu REIT cautions investors to ensure thatthey refer to the prospectus for notification of the issuance of new investment units and secondary offering of investment units aswell as amendments thereto prepared by Hankyu REIT, if any, before undertaking investments and investments be made at theirown discretion and responsibility.

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Investment units issued after primary offering
103,400 units
Increase in investment units by Third-Party Allotment
1,800 units (Note)
Total investment units issued after Third-Party Allotment
105,200 units (Note)(Note) The number of investment units stated above is for the case where Nomura Securities subscribes for all
the investment units of Third-Party Allotment and those investment units are subsequently issued.
3. Purpose and Reason for Issuance
The issuance of the new investment units was determined for the purpose of growing asset size and improving thequality of portfolio through acquisition of new specified asset (as defined in Article 2, Paragraph 1 of the Act on
Investment Trusts and Investment Corporations. Same hereafter), after having considered factors such as the market
trends and the level of dividends per unit, etc.
4. Total Amount to be Procured, Use of Funds and Schedule Expenditure Date
(1) Amount to be Procured (approximate net amount to be obtained)
10,720,036,800 yen (maximum)(Note) The above-mentioned amount represents the combined amount of 9,745,488,000 yen in net proceeds
Hankyu REIT will receive from the primary offering and the maximum amount of 974,548,800 yen Hankyu
REIT will receive from the issuance of new investment units from Third-Party Allotment. This sum is an
estimate based on the closing price of the investment units in ordinary trading at the Tokyo Stock Exchange asof May 17, 2013 (Fri.).
(2) Use of the Funds and the Schedule Expenditure Date
Funds to be procured will be allocated to acquisition funds of new specified assets as indicated in the press
release, “Notice Concerning Acquisition of Domestic Real Estate Trust Beneficiary Interests” separately
announced today. If, as a result of allocation, any remaining balance occurs, then it will be allocated to theredemption of deposit and security Hankyu REIT used for the acquisition of assets under management (Note)and to the repayment of loans.
(Note) Part of deposit and security pledged by tenants at assets under management is reserved at trust
accounts as cash and deposit for future redemption. However, based on the agreement with the trustee,
Hankyu REIT may use part of it, and Hankyu REIT allocates it for the redemption of part of deposit and security
on trust accounts it uses. The deposit and security Hankyu REIT uses as of April 30, 2013 is 4,059 million yen.
5. Designation of Allottee
The underwriters plan to offer 700 units in the primary offering to Hankyu Corporation, a shareholder of Hankyu REIT,
Inc., to which Hankyu REIT outsources the operations for the management of its assets, as an allottee designated byHankyu REIT.
6. Future Outlook
Please refer to the press release “Notice Concerning Forecasts of Financial Results for the Fiscal Period Ending
November 30, 2013” dated today, for the impact on forecasts for the fiscal period ending May 2013 (16th Fiscal Period:
December 1, 2012 to May 31, 2013) and fiscal period ending November 2013 (17th Fiscal Period: June 1, 2013 toNovember 30, 2013).
7. Management Conditions during Past Three Fiscal Periods and Status of Equity Finance(1) Management Conditions during Past Three Fiscal Periods
November 30, 2011
May 31, 2012
Net income per unit
Distribution per unit
Distribution payout ratio
Net assets per unit

¥12,688¥12,688
100.0%¥660,753(2) Conditions of the Most Recent Investment Unit Price①Conditions during the past three fiscal periods
November 30, 2011
Opening price¥429,500
High¥430,000

November 30, 2012¥12,324¥12,324100.0%¥660,390¥12,227¥12,228100.0%¥660,294¥339,000¥409,500

November 30, 2012
¥356,500¥413,000

May 31, 2012

Disclaimer:This document is a press release to make a public announcement of the Issuance of New Investment Units and Secondary Offeringof Investment Units, and has not been prepared as a solicitation for investment. Hankyu REIT cautions investors to ensure thatthey refer to the prospectus for notification of the issuance of new investment units and secondary offering of investment units aswell as amendments thereto prepared by Hankyu REIT, if any, before undertaking investments and investments be made at theirown discretion and responsibility.

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Low
Closing price¥330,000¥335,000②Conditions during past six-month period
December 31, 2012 January 31, 2013
¥396,000¥420,000
Opening price¥416,000¥474,000
High¥390,500¥417,500
Low¥413,000¥470,000
Closing priceFebruary¥475,000¥558,000¥461,000¥552,000¥324,500¥358,500

March¥552,000¥706,000¥549,000¥653,000

April¥646,000¥702,000¥600,000¥644,000¥337,000¥394,500

May¥635,000¥647,000¥514,000¥541,000(Note) The investment unit price for May 2013 is the price as of May 29, 2013
③Investment unit prices on the business day before the issuance of resolution date
May 29, 2013
¥543,000
Opening price¥547,000High¥533,000Low¥541,000
Closing price(3) Status of equity finance during past three fiscal periods
Not applicable.
8. Others (restrictions on sale and additional issuance, etc.)(1) With respect to the primary offering, Hankyu Corporation is supposed to agree with the joint lead managers not to sell,furnish security, lend etc. (excluding lending the investment units to Nomura Securities to execute over-allotment),
without approval in writing beforehand from the joint lead managers within the period from the Issue Price
Determination Date until the corresponding day one year after the delivery date of the primary offering.
The joint lead managers plan to hold the right to cancel all or part of the aforesaid agreement within theabovementioned periods at their own discretion.
(2) With respect to the primary offering, Hankyu REIT agrees with the joint lead managers not to issue (etc.) investment
units (excluding the issuance etc. of investment units for primary offering, Third-Party Allotment and issuance ofinvestment units by the split of investment units) without the approval in writing beforehand from the joint leadmanagers within the period from the Issue Price Determination Date until the corresponding day 3 months after thedelivery date of the primary offering.
The joint lead managers plan to hold the right to cancel all or part of the aforesaid agreement within theabovementioned periods at their own discretion.

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The Japanese original document was distributed to Kabuto Club (the press club of Tokyo Stock Exchange), Osaka Securities
Exchange, Ministry of Land, Infrastructure, Transport and Tourism, and to the press club of the construction trade newspaperof the Ministry of Land, Infrastructure, Transport and Tourism.

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Hankyu REIT website: http://www.hankyu-reit.jp/eng/

Disclaimer:This document is a press release to make a public announcement of the Issuance of New Investment Units and Secondary Offeringof Investment Units, and has not been prepared as a solicitation for investment. Hankyu REIT cautions investors to ensure thatthey refer to the prospectus for notification of the issuance of new investment units and secondary offering of investment units aswell as amendments thereto prepared by Hankyu REIT, if any, before undertaking investments and investments be made at theirown discretion and responsibility.

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